The Fair Credit Billing Act of 1974 implements required billing practices for “open end credit” like credit cards. The Act requires creditors to give consumers 60 days to challenge certain disputed charges over $50 such as wrong amounts, inaccurate statements, undelivered or unacceptable goods, and transactions by unauthorized users. Also, the Act limits liability of consumers for transactions by unauthorized users to $50. The Federal Trade Commission (FTC) generally enforces the Fair Credit Billing Act, and for more information on disputing a transaction, see here.
[Last updated in June of 2021 by the Wex Definitions Team]